(Revised 9/21/15 to reflect updated transfer date of March 1, 2016.)
The Department of Retirement Systems is postponing the Oct. 1 effective date for transferring record keeping services for PERS, SERS and TRS Plan 3 members. Under the revised schedule, Plan 3 record keeping will transfer from ICMA-RC to Empower Retirement on March 1, 2016.
Because of this postponement, DRS has cancelled the Plan 3 “blackout” period that was scheduled for Sept. 23–Oct. 2 (a blackout is a period when customer access to Plan 3 accounts is limited to allow for the transfer of data to the new record keeper). The blackout will be rescheduled for a period to be determined in February 2016. We will advise you and our customers of the exact dates once they’re finalized.
DRS has decided to postpone the transition date because it’s in the best interests of our customers. We have an absolute obligation to ensure customer account information and transactions are 100 percent accurate and complete. Because of the complexity of Plan 3, we’ve concluded that additional time is needed for programming and testing to be certain we meet that obligation.
As before, no action is required from customers for the transition. If customers haven’t already signed up for online account access, please encourage them to register at www.drs.wa.gov/oaa/.
The goal of the transition to Empower Retirement remains the same: to make it easier for our customers to prepare for a successful retirement by providing innovative planning tools and resources. We look forward to delivering an upgraded experience when the transition is complete in the coming year.
More information about the transition is available via the upgrade resource center on the DRS website at www.drs.wa.gov/upgrade. If customers have additional questions, our specialists are available at 360-664-7062 or 800-547-6657, option 5.
If you have any questions regarding this notice, contact Employer Support Services at 800-547-6657, option 6 and then option 2.